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Re: The Clock Is Ticking on Greek Default
#158609
07/07/2015 06:52 AM
07/07/2015 06:52 AM
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Originally posted by ConSigCor:
There is NO political solution. The amerikan empire, just like Rome before it, is in the slow collapse into a new dark age. There is an economic solution, but don't expect any of our leaders to choose it. If socialists knew anything about economics, they wouldn't be socialists. Onward and upward, airforce
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Re: The Clock Is Ticking on Greek Default
#158610
07/07/2015 09:01 AM
07/07/2015 09:01 AM
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Greeks are turning what currency they have into tangible assets. Or trying to, anyway. Sellers of gold and silver are no longer taking bank transfers (checks or debit cards). I don't know how wise an investment a designer handbag is, but it's probably better than cash. In Greece’s new economic order, Chanel is becoming more valuable than cash.
Banks in this Mediterranean nation have been shut down for more than a week and are just days away from running out of money. Many Greeks worry that at least some of their hard-earned deposits could vanish even under the best outcome of renewed negotiations between the country’s leaders and its creditors over a bailout package.
Even those who have hoarded cash fear that the value of the euro will plummet, or that a return to the drachma could leave them stranded with the wrong currency.
And so 48-year-old Sophia Marcoulakis is considering converting her cash into something more stable: a designer handbag....
Before the financial freeze, customers lined up at Nikias in the wealthy Kolonaki neighborhood of Athens to sell their jewels and Rolex watches in return for cash. But over the past week, the shop’s owner said he has had 20 to 30 calls interested in the opposite exchange.
The owner, who declined to give his name, said the callers wanted to buy gold coins and kilo bars — the most expensive items his store carries. But he no longer accepts electronic bank transfers because he is worried about a potential loss on deposits himself.
“Then we would be the ones to have the problem,” he said.
So his shop is stuck in a Catch-22: He will take only cash, but none of his customers can access enough to purchase his goods.
“Everyone is on hold,” he said. Onward and upward, airforce
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Re: The Clock Is Ticking on Greek Default
#158611
07/08/2015 06:09 AM
07/08/2015 06:09 AM
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it probably isn't related, but the New York Stock Exchange is down . And China's stock market is collapsing. And Greece is asking for more money again. And pension funds are going broke. But don't worry, all is well. Onward and upward, airforce
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Re: The Clock Is Ticking on Greek Default
#158612
07/08/2015 12:08 PM
07/08/2015 12:08 PM
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Joined: Nov 2013
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Omaha Nebraska
Huskerpatriot
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Far too many "bad signs" are lining up pointing in the same direction for it to be "just a coincidence"...
"Government at its best is a necessary evil, and at it�s worst, an intolerable one."
Thomas Paine (from "Common Sense" 1776)
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Re: The Clock Is Ticking on Greek Default
#158613
07/08/2015 12:59 PM
07/08/2015 12:59 PM
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Joined: Oct 2001
Posts: 3,823
Trapped in Rhode Island
Lord Vader
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Originally posted by Huskerpatriot:
Far too many "bad signs" are lining up pointing in the same direction for it to be "just a coincidence"... There are no coincidences. We just need to pay close attention to what is happening and read Matthew 24:32 What is now happening and what is soon going to happen is just what must happen. I believe we are now living in what is called the Birth Pangs of the Great Tribulation.
VINCE AUT MORIRE (Conquer or Die)
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Re: The Clock Is Ticking on Greek Default
#158615
07/09/2015 02:40 AM
07/09/2015 02:40 AM
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Joined: Oct 2001
Posts: 3,823
Trapped in Rhode Island
Lord Vader
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I have Brother, I have read both 24 and 25 especially the Words In Red. And those Words are all ABSOLUTELY TRUE as is the rest of the Bible.
At least we know that in the end we will be Going Home and death is nothing to Fear.
We just need to do our best to be worthy of Him and His Love and Mercy.
But as for our once Great Republic, that used to Love Him there will be no Mercy for our Nation, has now Forsaken Him.
VINCE AUT MORIRE (Conquer or Die)
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Re: The Clock Is Ticking on Greek Default
#158616
07/09/2015 09:23 AM
07/09/2015 09:23 AM
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Greek newspapers are running out of paper. it could be worse. If you're planning on traveling to Venezuela, you better bring your toilet paper with you. With banks shut and the economy seizing up, some Greek newspapers like the Empros daily on the island of Lesvos are running out of paper and could be forced to stop sales altogether until the banks open again.
The island's biggest selling newssheet, Empros has already reduced the number of pages to 16 from 20 and its chief executive Manolis Manolas hopes he won't have to make further cuts as the country's cash crunch worsens. Greek banks have been shut for almost two weeks after capital controls were imposed.
"There is a definite problem with paper supply," Manolas told Reuters by phone. "Our supplier can't provide us with it, as it is stuck in customs. He can't pay the foreign suppliers, as bank transfers are blocked and there's very little cash to continue operations".
Curbs on money withdrawals and transfers have made life miserable for millions of Greeks, whose government was scrambling on Thursday to devise a new set of proposals for a bailout with its creditors to stave off imminent bankruptcy.
As well as reporting on the capital controls introduced at the end of June - queues outside banks and cash machines are now a daily sight in Greece - the media also became a victim of them.
The country's top-selling newspaper Ta Nea wrote in an editorial on July 1:
"The newspaper you hold in your hands numbers only 32 pages because the stock of printing paper will last for just a few days and it will not be possible to get a fresh supply through customs because of the bank holiday."
Another newspaper on Lesvos, The News of Lesvos, is worried its stock of paper could run out soon because it can't get its hands on enough paper supply, publisher Stelios Staikos said.
The capital controls have particularly squeezed privately-owned, small-circulation newspapers sold in more remote areas of Greece, a government official told Reuters.... Meanwhile, socialist Sen. Bernie Sanders [url=http://www.rollingstone.com/politics/news/weekend-with-bernie-sanders-20150709[is drawing huge crowds on the presidential campaign trail[/url]. People never learn. Onward and upward, airforce
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Re: The Clock Is Ticking on Greek Default
#158617
07/15/2015 09:50 AM
07/15/2015 09:50 AM
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The Greeks are getting a little restless. Greece is looking more and more like a failed state. Rioters hurled petrol bombs at police who responded with tear gas as an anti-austerity demonstration outside parliament turned violent Wednesday, while Greek lawmakers began debating contentious measures needed to start negotiations on a new bailout and avoid financial collapse.
Groups of youths among the more than 12,000 protesters smashed storefronts and set at least one vehicle alight. The clashes were the first significant protest violence since the left-wing Syriza government came to power in January promising to repeal bailout austerity. Police said at least 50 people were detained.
The protest was timed to coincide with the start of debate on the bill, which includes consumer tax increases and pension reforms that will condemn Greeks to years of more economic hardship.
The bill has fueled anger among the governing left-wing Syriza party and led to a revolt by many party members against Prime Minister Alexis Tsipras, who has insisted the deal forged early Monday after a marathon weekend eurozone summit was the best he could do to prevent Greece from crashing out of Europe's joint currency.... Lots of photos at the link. Onward and upward, airforce
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Re: The Clock Is Ticking on Greek Default
#158618
08/19/2015 09:52 AM
08/19/2015 09:52 AM
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The European Union has floated another $95 billion loan to Greece, after Greece signed off on the austerity measures they fought so bitterly over. And the Greek socialist Prime Minister ... tomorrow - a vote he may very well lose . ...The vote laid bare the anger within Tsipras’s leftist Syriza party at the austerity measures and reforms which he accepted in exchange for the bailout loans. Altogether 43 lawmakers – or nearly a third of Syriza deputies – voted against or abstained.
The unexpectedly large contingent of dissenters, including former finance minister Yanis Varoufakis, heaped pressure on Tsipras to clear the rebels swiftly from his party and call early elections in the hope of locking in popular support.
Tsipras remains hugely popular in Greece for trying to stand up to Germany’s insistence on austerity before relenting under the threat of a euro zone exit. He would be expected to win again if snap polls were held now, given an opposition that is in disarray.
“I do not regret my decision to compromise,” Tsipras said in parliament as he defended the bailout from euro zone and International Monetary Fund creditors. “We undertook the responsibility to stay alive over choosing suicide.”
But the vote left the government with support from within its own coalition below the threshold of 120 votes in the 300-seat chamber, the minimum needed to command a majority and survive a confidence vote if others abstain.
In response, government officials said Tsipras was expected to call a confidence vote in parliament after Greece makes a debt payment to the European Central Bank on Aug. 20 – a move that could trigger the government’s collapse and snap elections.
A senior lawmaker, Makis Voridis, from the opposition New Democracy said his party would vote against Tsipras’s coalition, raising the odds it would be toppled.... Onward and upward, airforce
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Re: The Clock Is Ticking on Greek Default
#158620
08/23/2015 04:32 AM
08/23/2015 04:32 AM
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ConSigCor
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This 2 Day Stock Market Crash Was Larger Than Any 1 Day Stock Market Crash In U.S. History
By Michael Snyder, on August 21st, 2015
We witnessed something truly historic happen on Friday. The Dow Jones Industrial Average plummeted 530 points, and that followed a 358 point crash on Thursday. When you add those two days together, the total two day stock market crash that we just witnessed comes to a grand total of 888 points, which is larger than any one day stock market crash in U.S. history. It is also interesting to note that this 888 point crash comes in the 8th month of our calendar. Perhaps that is just a coincidence, and perhaps it is not. It just struck me as being noteworthy. This is the first time that the Dow has dropped by more than 300 points on two consecutive days since November 2008, and we all remember what was happening back then. Overall, this was the worst week for the Dow in four years, and there have only been five other months throughout history when the Dow has fallen by more than a thousand points (the most recent being October 2008). Of course we still have six more trading days left in August, so there is plenty of time remaining for even more carnage.
By itself, the 530 point plunge on Friday was the ninth worst stock market crash in all of U.S. history. The following list of the top eight comes from Wikipedia…
#1 2008-09-29 −777.68
#2 2008-10-15 −733.08
#3 2001-09-17 −684.81
#4 2008-12-01 −679.95
#5 2008-10-09 −678.91
#6 2011-08-08 −634.76
#7 2000-04-14 −617.77
#8 1997-10-27 −554.26
Another very interesting thing to note is that the largest stock market crash in U.S. history took place on the very last day of the Shemitah year of 2008, and now we are less than a month away from the end of this current Shemitah year.
It is funny how these strange “coincidences” keep happening.
The financial carnage that we witnessed on Friday was truly global in scope. On a percentage basis, Chinese stocks crashed even more than U.S. stocks did. Japanese stocks also crashed, so did stock markets all over Europe, and emerging market currencies all over the planet got absolutely destroyed.
The following is how Zero Hedge summarized what went down…
China’s worst week since July – closes at 5 month lows
Global Stocks’ worst week since May 2012
US Stocks’ worst week in 4 years
VIX’s biggest weekly rise ever
Crude’s longest losing streak in 29 years
Gold’s best week since January
5Y TSY Yield’s biggest absolute drop in 2 years
Even though I specifically warned that this would happen, and have been explaining why it would happen on my website in excruciating detail for months, the truth is that I didn’t expect stocks to start crashing this quickly or this ferociously.
Normally, August is a fairly slow month in the financial world. As I have discussed previously, most of the really noteworthy stock market crashes throughout history have taken place during the months of September and October. So I thought that things wouldn’t start getting really crazy for another few weeks at least.
Financial markets tend to fall much faster than they go up, and I believe that we are moving into a time of extraordinary volatility. There will be huge down days, and there will also be huge up days. In fact, the three largest single day rallies in Dow history happened right in the middle of the financial crisis of 2008. So don’t let what happens on any one particular day fool you.
An absolutely gigantic global financial bubble is beginning to burst, and stocks could potentially fall a very, very long way. For instance, just consider what MarketWatch columnist Brett Arends has just written…
I don’t mean to be alarmist or to induce panic, but someone needs to tell the public that there is a plausible scenario in which the U.S. stock market now collapses by another 70% until the Dow Jones Industrial Average falls to about 5,000.
It is important to keep in mind that Arends is not a “bear” at all. He is a very level-headed analyst that tries to objectively look at all sides of things.
I sincerely hope that global financial markets will stabilize for at least a couple of weeks. But there is absolutely no guarantee that will happen.
So many of the things that I have been warning about on this website and on End of the American Dream are starting to unfold right in front of our eyes. If I am right, this is just the beginning. I believe that we are moving into a time of unprecedented chaos, and our nation is about to be shaken to the core.
Hopefully you have been preparing for the storm that is coming for quite a while and you will not be surprised by what is about to happen.
Unfortunately, the same cannot be said for the vast majority of Americans. Most of them are totally unprepared for what is coming, and they are going to be completely blindsided by the events that will unfold in the months ahead.
The relative calm of the past few years has lulled millions into a false sense of complacency.
If you are one of those that have dozed off, I have a word of warning for you…
Wake up and get ready.
It’s starting.
"The time for war has not yet come, but it will come and that soon, and when it does come, my advice is to draw the sword and throw away the scabbard." Gen. T.J. Jackson, March 1861
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Re: The Clock Is Ticking on Greek Default
#158621
08/23/2015 10:40 AM
08/23/2015 10:40 AM
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Tyler County, TX
Texas Resistance
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The stock market is way over due for a crash. The assets of the companies selling stock on the stock market is not equal to the price of the stock they have sold. The stock market is a bunch of rich lazy punks who don't work speculating on others misfortunes. Let it crash. I would not invest a dime on the stock market. The bankers need to go ahead and take the loss on all their bad loans. The 2008 banker bail out should not have occurred. Screw the damn bankers. Bankers hate to see loans paid off. They want to just collect interest on the loan forever. It is time push the restart button and let the bankers go cry about it. Declare a year of Jubilee, default on all loans, and start over. They rest of us don't need bankers. We can work, trade, and barter without any damn bankers.
www.TexasMilitia.Info Seek out and join a lawful Militia or form one in your area. If you wish to remain Free you will have to fight for it...because the traitors will give us no choice in the matter--William Cooper
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Re: The Clock Is Ticking on Greek Default
#158622
08/23/2015 11:32 AM
08/23/2015 11:32 AM
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Joined: Jan 2008
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Central Virginia; VIM
SBL
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I keep hearing that late September something real big and not very pleasant is coming in the financial world.
On equipment: You get what you inspect, not what you expect.
On training: Our drills are bloodless battles so that our battles are bloody drills.
On tactics: Cheating just means you're serious about winning.
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Re: The Clock Is Ticking on Greek Default
#158624
08/23/2015 01:44 PM
08/23/2015 01:44 PM
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Joined: Oct 2001
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A 059 Btn 16 FF MSC
ConSigCor
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Originally posted by SBL:
I keep hearing that late September something real big and not very pleasant is coming in the financial world. I'm working on a detailed post on that subject now. The sheer amount of events coming almost everyday in Sept. are ominous. And, they will affect much more than just the financial sector.
"The time for war has not yet come, but it will come and that soon, and when it does come, my advice is to draw the sword and throw away the scabbard." Gen. T.J. Jackson, March 1861
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